This is definitely an important point, but it doesn't consider the fact that most Series C/D rounds will involve share buybacks from employees and founders, i.e

This is definitely an important point, but it doesn't consider the fact that most Series C/D rounds will involve share buybacks from employees and founders, i.e. "taking money off the table." Late rounds like Series C and D may as well be liquidity events. Most companies at that stage could IPO if they wanted to, and any investments are likely de-risking founders and employees anyway. So the consideration is really the "11% of the post-series-D acquisition price," plus any money the founders receive in share buybacks at Series B/C/D. Still, even considering this the point probably still stands that it could be smarter to raise less investment and sell earlier, rather than raise more and sell later.